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41. Expenditure on the provision of machinery or plant shall include capital expenditure on alterations to an existing building incidental to the installation of that machinery or plant for the purposes of the trade, profession or business.
Election te
assessed.
CHAPTER VII.
Personal Assessment.
42. Any individual may, by notice in writing to the be personally Commissioner, elect to be personally assessed on his income otherwise separately assessable under Chapters II, III, IV and V. Such election shall be made not later than the close of the
year of assessment to which it relates.
Allowances.
Provided that the assessment shall include the whole of his income arising in derived from or received in the Colony.
43. (1) In giving effect to an election under the pro- visions of this Chapter the Assessor shall make a single assessment in the sum of the total income, reduced by the following allowances-
(a) An allowance of five thousand dollars.
(b) An allowance of four thousand dollars if at any time during the year preceding the year of assessment the individual had a wife.
(c) An allowance of two thousand dollars if the indivi- dual had living at any time during the year preceding the year of assessment an unmarried child who was under the age of 21 years, and where he had more than one such child, an allowance of two thousand dollars for the second child and one thousand dollars each for the third and fourth child:
Provided that-
(i) no such allowance shall be made in respect of a child whose income from any source for the year preceding the year of assessment exceeded two thousand dollars;
(ii) no such allowance shall be made in respect of a child who carried on or exercised during the year preceding the year of assessment a trade, profession, business, vocation or employment;
(iii) no allowance shall be made in respect of any number of children exceeding four.
(d) The annual amount of any premium paid in respect of any individual on the life of the individual or on the life of his wife in any Insurance Company or the annual contribu- tion made by the individual to the Widows' and Orphans' Pensions Scheme of the Colony or such other scheme or fund as the Commissioner may approve as equivalent to a Widows' and Orphans' Pensions Scheme;
Provided that no such deduction shall be allowed in respect of any
such annual amount of premium or contribution beyond an amount equal to one-sixth part of the total income of such individual before making the deductions specified in (b) (c) and (d) of this subsection.
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